C Citigroup Inc

Saudi Arabia's oil minister Ali al-Naimi on Friday said the world's biggest crude exporter would continue investing in the oil and gas industry despite the drop in prices, state media reported.

The kingdom will also invest in other energy resources such as solar power, the minister said in Turkey at a meeting of the G-20 energy ministers, according to the official Saudi Press Agency.

"Since the 1970s this industry has been experiencing sharp fluctuations in prices—up and down—which have impacted investments in the field of oil and energy, and its continuity," Mr. Naimi said.

"This volatile situation is neither in the interest of the producing nor consuming countries, and the G-20 countries can contribute to the stability of the market," he added, according to SPA.

Saudi Arabia and other countries in the Organization of the Petroleum Exporting Countries have increasingly asked other countries such as Russia to reduce their oil output. The pleas come as the world faces a crude oil oversupply that has rendered useless OPEC's typical tool for boosting prices—supply cuts—without help from other countries.

Russia on Friday said it was pumping a record high level of crude in the post-Soviet era.

Write to Summer Said at summer.said@wsj.com

Access Investor Kit for "CitiGroup Inc"

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US1729674242

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 02, 2015 10:35 ET (14:35 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.